Friday 2 February 2018

TechnipFMC and Island Offshore Enter into a Strategic Collaboration Agreement for Riserless Light Well Intervention

TechnipFMC has signed an agreement with the Island Offshore group to acquire a 51% stake in Island Offshore’s wholly owned subsidiary, Island Offshore Subsea AS. Island Offshore Subsea AS provides Riserless Light Well Intervention (RLWI) project management and engineering services for plug & abandonment (P&A), riserless coiled tubing and well completion operations. Island Offshore Subsea AS employs approximately 80 staff.

Island Offshore Subsea AS has developed proprietary designs related to subsea P&A and riserless coiled tubing. In connection with the acquisition of the controlling interest, TechnipFMC and Island Offshore will enter into a strategic cooperation agreement to deliver RLWI services on a worldwide basis, which will also include TechnipFMC’s RLWI capabilities. Island Offshore Subsea AS will be rebranded and become the operating unit for TechnipFMC’s RLWI activities worldwide.

The agreement with TechnipFMC is subject to the satisfaction of certain closing conditions.